ING misses consensus, plans to cut 2,350 jobs

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LONDON (ShareCast) - ING Groep (NYSE: IGK - news) has reported third quarter earnings that missed consensus forecasts at the same time that it announced that it was to undertake further steps in its restructuring plan.

Specifically, it made €609m in net profits during the last quarter, well below the €872M analyst estimate. Underlying results before tax dropped 20.9% to €1.065bn.

As part of its restructuring plan, the Dutch bank announced that it would further cut a total of 2,350 jobs consisting of 1,350 posts at its European insurance operations and another 1,000 at its commercial banking arm.

Chief executive Jan Hommen admitted that "it is painful to announce such steps today", but insisted that the bank had to "take steps to increase our agility in an uncertain environment".

ING is currently trading up by 0.77% to €6.93.

JM